Conning Inc. purchased a new position in shares of Sotheby’s (NYSE:BID) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 25,002 shares of the company’s stock, valued at approximately $685,000.
A number of other institutional investors have also recently made changes to their positions in BID. Shanda Payment Holdings Ltd. raised its position in shares of Sotheby’s by 95.5% in the first quarter. Shanda Payment Holdings Ltd. now owns 1,162,073 shares of the company’s stock worth $31,062,000 after buying an additional 567,529 shares during the last quarter. Norges Bank purchased a new position in shares of Sotheby’s during the fourth quarter worth approximately $11,515,000. Conestoga Capital Advisors LLC purchased a new position in shares of Sotheby’s during the second quarter worth approximately $10,036,000. Canada Pension Plan Investment Board raised its position in shares of Sotheby’s by 330.2% in the first quarter. Canada Pension Plan Investment Board now owns 376,140 shares of the company’s stock worth $10,054,000 after buying an additional 288,700 shares during the last quarter. Finally, Virginia Retirement System purchased a new position in shares of Sotheby’s during the first quarter worth approximately $1,280,000. 95.80% of the stock is owned by institutional investors.
Shares of Sotheby’s (NYSE:BID) traded down 1.10% during midday trading on Thursday, reaching $36.78. The company’s stock had a trading volume of 358,161 shares. Sotheby’s has a one year low of $18.86 and a one year high of $41.23. The stock’s 50 day moving average price is $39.02 and its 200 day moving average price is $31.23. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 71.00 and a beta of 2.25.
Sotheby’s (NYSE:BID) last announced its quarterly earnings results on Monday, August 8th. The company reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.46. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. The firm earned $298.67 million during the quarter, compared to analyst estimates of $291.22 million. During the same quarter in the previous year, the business earned $1.04 EPS. Sotheby’s’s revenue for the quarter was down 10.0% compared to the same quarter last year. Analysts predict that Sotheby’s will post $2.12 earnings per share for the current year.
A number of equities analysts recently commented on BID shares. Zacks Investment Research raised Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a research note on Wednesday, August 24th. TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Finally, Cowen and Company set a $38.00 price target on Sotheby’s and gave the company a “hold” rating in a research note on Monday, September 19th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Sotheby’s has an average rating of “Hold” and a consensus price target of $32.20.
Sotheby’s Company Profile
Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.
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